Recently, the Bitcoin market has shown signs of weakness, with bearish forces prevailing. Currently, the BTC price is hovering around $110,800, approaching the short-term resistance level of $111,650, with upward pressure significantly increasing. From a technical perspective, there is insufficient upward momentum, and if it cannot effectively break through the previous high, the price is likely to continue to decline in a consolidation phase.

Market focus is concentrated on the key support level of $109,500. If this level is broken, it could trigger further declines, testing the psychological thresholds of $108,000 and even $107,000. In terms of technical indicators, the MACD red bars are shortening, and the DIF and DEA are converging at high levels, reflecting a weakening upward momentum. Meanwhile, the RSI has fallen below the neutral line of 60, further confirming the bearish advantage. The Bollinger Bands are showing a converging pattern, suggesting that the market is in a consolidation phase, with a directional choice imminent.

Although Bitcoin is under pressure in the short term, the market is still hovering at a critical position, and investors should closely monitor the subsequent trends. If it can stabilize at a high level, the possibility of a reversal cannot be ruled out. However, if the key support level is broken, it could trigger a new round of decline. In this uncertain market environment, investors need to remain vigilant and manage risks effectively.